848 documents showing 301–360
Vitesco Technologies VTSC
Vitesco trades at €2.6B EV — less than its ICE business alone is worth (€2.9-4.3B at peer multiples); buy the stock and get the high-growth EV-powertrain unit for free.
N5
V3
C2
⌂
◫
”
LivePerson, Inc. LPSN
LivePerson's Founder-CEO LoCascio has destroyed value and ignored governance; Starboard is launching a 2023 proxy fight to force a CEO change or sale of the company.
N4
V2
C2
⌂
”
⚑
Rogers Corporation ROG
Starboard's 6.5% stake in Rogers Corporation backs a board slate of specialty-materials veterans, arguing undervalued shares warrant fresh director expertise after the failed DuPont sale.
N2
V1
C1
The Walt Disney Company DIS
Disney's world-class IP is being squandered by a board that overpaid $52bn for Fox, bungled CEO succession, and is bleeding streaming losses — add Nelson Peltz to restore discipline.
N4
V3
C3
⌂
”
⚑
The Walt Disney Company DIS
Disney is in a self-inflicted crisis of governance, strategy and capital allocation; electing Nelson Peltz to the board will restore discipline, profitability and the dividend by FY 2025.
N4
V2
C2
⌂
Date
Fund
Target
Thesis
Scores
May 16, 2023
Muddy Waters
Chinook Therapeutics Inc
KDNY
Muddy Waters is short Chinook (KDNY): lead drug atrasentan is inefficacious, harmful, and blocked by sparsentan's IgAN orphan-drug exclusivity — FDA approval is highly unlikely.
N4
V2
May 11, 2023
Elliott Management
The Goodyear Tire & Rubber Company
GT
Goodyear's industry-low 5% margin and under-monetized 715-store retail platform create $32/share of value vs $11 today — via board refresh, retail sale, and operational review.
N5
V4
May 09, 2023
Greenlight Capital
Vitesco Technologies
VTSC
Vitesco trades at €2.6B EV — less than its ICE business alone is worth (€2.9-4.3B at peer multiples); buy the stock and get the high-growth EV-powertrain unit for free.
N5
V3
May 05, 2023
Starboard Value
LivePerson, Inc.
LPSN
LivePerson's Founder-CEO LoCascio has destroyed value and ignored governance; Starboard is launching a 2023 proxy fight to force a CEO change or sale of the company.
N4
V2
May 02, 2023
Spruce Point Capital
DoubleVerify Holdings, Inc.
DV
DoubleVerify's manipulative accounting, saturated product, slowing international growth, and insider selling by Providence Equity justify a 35-45% downside, while competitor IAS offers 20-30% upside.
N4
V3
Apr 20, 2023
Engine Capital
Parkland Corporation
PKI
Parkland's board re-nominated its 24-year chairman and set sub-cost-of-capital ROIC targets; Engine urges shareholders to WITHHOLD on all incumbents to force governance, pay, and portfolio reform.
N3
V1
Apr 19, 2023
Citron Research
Freedom Holding Corp
FRHC
FRHC funnels 85% of revenue through a CEO-owned Belize affiliate (FFIN) sourcing Russian flows — an FTX/Alameda structure that should trigger restatement, sanctions violations, and Nasdaq delisting.
N4
V2
Apr 12, 2023
Bluebell Capital
Glencore Plc
GLEN
Glencore's unsolicited Teck bid is structurally flawed; Glencore should first demerge thermal coal, Oil Marketing and Viterra, then merge with Teck to unlock a world-class transition-metals leader.
N4
V1
Apr 03, 2023
Scorpion Capital
Harmony Biosciences
HRMY
Scorpion petitions the FDA to pull Wakix (pitolisant), arguing the H3-receptor drug is inherently cardiotoxic, clinically inferior to $10 modafinil, and approved on fraud-tainted Russian trials.
N4
V1
Mar 28, 2023
Scorpion Capital
Harmony Biosciences Holdings
HRMY
Scorpion shorts HRMY: Wakix is a toxic, ineffective H3 antagonist propped up by sham foreign trials, an Insys-style kickback scheme, and off-label sales — collapse is imminent.
N4
V2
Mar 28, 2023
Muddy Waters
Vivion Investments
Muddy Waters stays short Vivion bonds: the December 2022 rebuttal is misleading, asset values are inflated, rent24 exposure is hidden, and shareholder loans are being cashed out with bondholder money.
N3
V2
Mar 23, 2023
TCI Fund
Cellnex Telecom, S.A.
CLNX
Cellnex is a great asset hobbled by a board that botched CEO succession; TCI will move at the AGM to remove Kan, Shore and Reich and seat its own director.
N3
V2
Mar 22, 2023
Engine Capital
Parkland Corporation
PKI
Parkland's conglomerate mix of retail, refinery and distribution trades at a 3-turn discount to Couche-Tard; spin the non-core assets and refresh the stale board to unlock ~$45/share, roughly 55% upside.
N4
V2
Mar 08, 2023
Spruce Point Capital
Essential Utilities, Inc.
WTRG
WTRG's water roll-up is failing and its $4.3bn Peoples gas pivot is a Ponzi-like dividend trap; 35%-50% downside to $20-$28 on sum-of-parts.
N5
V3
Feb 22, 2023
Soroban
Union Pacific Corporation
UNP
UNP owns the best Class I rail franchise but ranks worst on every metric under CEO Lance Fritz; bringing back operator Jim Vena could double the stock to ~$400 by 2025.
N5
V4
Feb 20, 2023
TCI Fund
Airbus SE
AIR
TCI urges Airbus to abandon the 29.9% Evidian stake — a value-destructive, politically-motivated bailout of Atos that distracts management from fixing aircraft delivery shortfalls.
N4
V2
Feb 16, 2023
Wolfpack Research
Goosehead Insurance, Inc.
GSHD
Goosehead's top-tier growth story is collapsing: 67% first-year franchisee failure, 85-95% reliance on a frozen housing market, and $900M extracted by the CEO's family while shareholders netted $23M.
N4
V2
Feb 14, 2023
Wolfpack Research
B. Riley Financial, Inc.
RILY
RILY tacitly admitted it breached covenants on $455M of credit lines while a deteriorating loan book and an undisclosed insider — Daniel Asher — quietly props up its share register and dividend.
N4
V2
Feb 09, 2023
Pershing Square
Pershing Square Holdings
PSH
PSH's hedging-led 2022 outperformance and 25%+ five-year compounding deserve a narrower discount to NAV; buybacks, rising dividend and FTSE 100 inclusion are closing the gap.
N2
V3
Feb 08, 2023
Wolfpack Research
B. Riley Financial, Inc.
RILY
RILY is a bottom-feeder investment bank whose loans to zombies and imploding equity book will drive ~$700M of 2023 losses, breach a Nomura NAV covenant, and threaten collapse.
N4
V2
Feb 08, 2023
Ancora
Ritchie Bros. Auctioneers
RBA
Back the amended RBA-IAA merger: $350-900M of synergies, a Starboard/Ancora-refreshed board, and Luxor's anti-deal case is flawed — RBA should re-rate from $62 to ~$130.
N4
V3
Feb 07, 2023
Spruce Point Capital
Progyny, Inc.
PGNY
PGNY is a $3.1bn fertility-benefits manager run by ex-WebMD/Medical Manager executives whose marketing claims, treatment model and 2023 growth are disputable, implying 60%-80% downside to $7-$14.
N5
V3
Feb 06, 2023
Starboard Value
Rogers Corporation
ROG
Starboard's 6.5% stake in Rogers Corporation backs a board slate of specialty-materials veterans, arguing undervalued shares warrant fresh director expertise after the failed DuPont sale.
N2
V1
Jan 20, 2023
TCI Fund
Alphabet
GOOGL
Alphabet's January layoffs are a start but insufficient; management must cut headcount ~20% to 150,000 and slash excessive pay, including stock-based comp.
N3
V1
Jan 12, 2023
Trian Partners
The Walt Disney Company
DIS
Disney's world-class IP is being squandered by a board that overpaid $52bn for Fox, bungled CEO succession, and is bleeding streaming losses — add Nelson Peltz to restore discipline.
N4
V3
Jan 11, 2023
Trian Partners
The Walt Disney Company
DIS
Disney is in a self-inflicted crisis of governance, strategy and capital allocation; electing Nelson Peltz to the board will restore discipline, profitability and the dividend by FY 2025.
N4
V2
Jan 10, 2023
Spruce Point Capital
Super Micro Computer, Inc.
SMCI
SMCI — an SEC-fined serial restater now ~22% reliant on Meta — is masking accounting strain and insider selling behind a multiple expansion that should revert, implying 40-50% downside.
N4
V3
Dec 21, 2022
Oasis Management
Digital Garage, Inc.
4819 JT
Digital Garage's fintech payments arm is starved by a distracted conglomerate; spinning off FinTech and dumping the Kakaku.com stake unlocks ~100% upside amid Japan's cashless boom.
N3
V2
Dec 21, 2022
Oasis Management
Digital Garage Inc.
4819 JT
Digital Garage is missing Japan's cashless-payments wave; spinning off DG Financial Technology, divesting Kakaku, and refocusing management would nearly double the stock and lift profit before tax from JPY4.5bn to JPY11.4bn.
N4
V2
Dec 19, 2022
Palliser Capital
Capricorn Energy PLC
CNE
Capricorn's board is destroying value by forcing a low-ball NewMed sale; replacing seven directors unlocks up to 400p per share via Palliser's Value Optimisation Plan.
N4
V2
Dec 14, 2022
Muddy Waters
Vivion Investments S.à.r.l.
Vivion's €1.44bn bond issuer is a multi-billion euro shell game — fabricated shareholder loans, inflated occupancy and fair value gains, and related-party rents enriching controlling shareholder Amir Dayan.
N4
V2
Dec 01, 2022
Muddy Waters
dLocal
DLO
DLO's refusal to reconcile 2020 cash flows in writing, while verbally denying misuse on broker calls, confirms Muddy Waters' view that client funds financed the pre-IPO special dividend.
N3
V1
Dec 01, 2022
Land & Buildings
Six Flags Entertainment Corp.
SIX
Six Flags' owned real estate is worth more than its entire equity value; spinning it to a REIT buyer like VICI plus fixing the botched 2022 repositioning can double the stock.
N4
V4
Nov 29, 2022
Spruce Point Capital
Saputo Inc.
TSX:SAP
Saputo's 25-year dairy roll-up is failing internationally; hidden U.K. pension, Argentina margin outlier, and auditor red flags point to 40%-60% downside to C$13.75-$20.50.
N4
V3
Nov 16, 2022
Muddy Waters
DLocal Ltd.
DLO
Muddy Waters is short DLO: contradictory TPV disclosures, implausibly high FX-driven take rates, governance failures and ~$1bn of insider selling point to likely fraud at the Uruguay-based payments processor.
N4
V2
Nov 15, 2022
Scorpion Capital
Twist Bioscience
TWST
Twist is a textbook Ponzi — price-dumping commodity DNA below cost, inventing a fake 'DNA chip,' masking negative gross margins via WorldCom-style accounting fraud. Target: $0.
N5
V3
Nov 15, 2022
TCI Fund
Alphabet
GOOGL
Alphabet's cost base is bloated — headcount up 20% CAGR since 2017, pay 67% above Microsoft, Other Bets bleeding $20bn; cut costs, target a 40% Google Services margin, and buy back stock aggressively.
N4
V3
Oct 27, 2022
Palliser Capital
Capricorn Energy
CNE
NewMed's all-share bid for Capricorn hands shareholders a 42% discount and a self-serving board deal; a cash-return plus Egypt-focused optimisation path unlocks 400p/share instead.
N5
V4
Oct 19, 2022
Starboard Value
Multiple (Wix, Salesforce, Splunk, Vertiv)
WIX / CRM / SPLK / VRT
Four high-quality TMT names (Wix, Salesforce, Splunk, Vertiv) trade at multi-year-low valuations; closing the margin gap to peers as the market shifts from growth to profitability unlocks substantial FCF/share upside.
N4
V3
Sep 28, 2022
Spruce Point Capital
Broadridge Financial Solutions, Inc.
BR
Spruce Point argues Broadridge is a low-tech BPO masquerading as SaaS, with a failing $1B+ UBS buildout, accounting red flags, and likely SEC scrutiny — 65-75% downside to $37-52.
N4
V3
Sep 07, 2022
Spruce Point Capital
FIGS, Inc.
FIGS
FIGS is a fading pandemic winner whose founders exaggerated revenue 82% and TAM 135%; at ~4x sales versus 1.2x DTC peers, Spruce Point sees 45%-60% downside to $4.40-$6.05.
N4
V3
Sep 01, 2022
Kerrisdale Capital
AST SpaceMobile, Inc.
ASTS
AST SpaceMobile is a $1.8bn 2021-SPAC promoting a physically implausible direct-to-handset satellite broadband dream; the technology won't work as hyped, timelines keep slipping, and SpaceX/Apple competition eliminates any lead.
N4
V2
Aug 25, 2022
Muddy Waters
Hannon Armstrong Sustainable Infrastructure Capital
HASI
HASI is 'dumb money' in renewables JVs — sponsors cash out while HASI books non-cash HLBV income on investments unlikely to ever pay out, inflating reported earnings over real economics.
N4
V2
Aug 15, 2022
Third Point
The Walt Disney Company
DIS
Disney's DTC pivot is working, but spinning ESPN, fully owning Hulu, cutting costs, and refreshing the board will unlock the next leg of value.
N3
V2
Aug 09, 2022
Palliser Capital
Capricorn Energy PLC
CNE
Capricorn's board must withdraw its Tullow merger recommendation — a nil-premium takeover that hands Capricorn's cash to junk-rated creditors while standalone value of 330p offers 67% upside.
N4
V3
Aug 03, 2022
Muddy Waters
Sunrun
RUN
Muddy Waters rebuts Sunrun's response: the 90% PPA-renewal assumption on 20-year-old panels is fantasy, the $668M panel-removal liability is real, and RUN hides its tax basis.
N3
V1
Jul 28, 2022
Muddy Waters
Sunrun Inc.
RUN
Sunrun's equity story rests on three shaky pillars — inflated subscriber values, abusive IRS tax-basis gaming, and fragile ABS — that together imply an 85% haircut to Net Earning Assets.
N4
V2
Jul 19, 2022
Spruce Point Capital
Skechers U.S.A., Inc.
SKX
Skechers is a governance-rotten, family-run 'fast follower' whose China growth is collapsing and inventory is bloating — 30%-50% downside to $18.60-$26.00.
N4
V3
Jul 12, 2022
Muddy Waters
Hannon Armstrong Sustainable Infrastructure Capital
HASI
HASI is a short: its GAAP and non-GAAP 'Distributable Earnings' are inflated by three non-cash accounting tricks and roundtripped SunStrong loans, masking a cash-losing, capital-raise-dependent business.
N4
V2
Jun 22, 2022
Spruce Point Capital
Generac Holdings, Inc.
GNRC
Generac is a COVID-era generator beneficiary masking collapsing core demand and a string of shady clean-energy acquisitions; Spruce Point sees 40-50% downside to $110-$132/share.
N4
V3
May 19, 2022
Wolfpack Research
PMV Pharmaceuticals
PMVP
PMV's Phase I readout on May 26 will disappoint: PC14586 is too weak, too toxic, and too short-lived to win FDA approval, leaving only $295M of cash behind a $628M market cap.
N4
V2
May 17, 2022
Spruce Point Capital
Alpha Metallurgical Resources, Inc.
AMR
AMR masks production, revenues and liabilities while management quietly dumps stock at cyclical coal highs; Spruce Point sees 40-60% downside to $60-90 per share.
N5
V3
May 09, 2022
Starboard Value
LivePerson, Inc.
LPSN
Starboard owns 9.7% of LivePerson and is running a proxy fight to reconstitute the board and unseat founder-CEO Rob LoCascio, arguing toxic culture and weak governance have driven chronic underperformance.
N4
V2
May 09, 2022
Starboard Value
LivePerson, Inc.
LPSN
LivePerson's founder-CEO and entrenched Board have destroyed value through strategy drift and toxic culture; Starboard's proxy slate will reconstitute the Board and refocus the company.
N4
V3
May 03, 2022
Scorpion Capital
IonQ Inc.
IONQ
IonQ's 32-qubit 'world's most powerful quantum computer' is a Nikola-style hoax; its only real machine can't reliably add 1+1, and revenue stems from sham related-party deals.
N4
V2
May 01, 2022
Carl Icahn
McDonald's Corporation
MCD
McDonald's board broke a 10-year promise to end gestation crates; replace Penrose and Lenny with two ESG experts to fix systemic governance and sustainability failures.
N4
V3
Apr 26, 2022
Sachem Head
US Foods Holding Corp.
USFD
Sachem Head owns 8.7% of US Foods and is running a proxy fight to install five directors who can close the Sysco margin gap and deliver ~100% upside.
N4
V3
Apr 20, 2022
Pershing Square
Netflix
NFLX
Pershing Square exits Netflix at a 4-point portfolio loss because the ad-tier pivot widens the outcome range beyond what a concentrated book can underwrite.
N4
V2
Apr 06, 2022
Spruce Point Capital
Stryker Corp.
SYK
Spruce Point exposes Stryker's FCPA-tainted accounting, failing acquisition roll-up and margin squeeze under CEO Lobo — Strong Sell with 35%-75% downside to $67-$174.50.
N4
V3
Apr 01, 2022
Kerrisdale Capital
Digital World Acquisition Corp
DWAC
DWAC's $8bn pro-forma SPAC merger with Trump's TMTG will never close because the SEC is actively investigating it and can kill the deal via a stop order — fair value is the $10 trust cash (-80%).
N4
V2